South Korea's newly appointed financial regulator, Lee Il-hwan, has raised concerns in the crypto market with his critical stance on digital assets. Often compared to U.S. SEC Chair Gary Gensler, Lee is advocating for stricter regulations, including more rigorous listing and delisting rules for cryptocurrency exchanges. Industry experts warn that Lee's approach could push users towards offshore platforms, as they seek more flexible and potentially lucrative on-chain alternatives. This regulatory shift is seen as potentially detrimental to South Korea's competitiveness in the rapidly evolving digital asset sector.